Market Activity

December 2009 Activity  as reported by the Spokane Association of Realtors resulted in closed sales of 346 units during the month which is down 125 units from closed sales as reported in November 2009 Market Activity .  This decrease of 125 units represents a 26.5% decrease in units sold as compared to November 2009.  In comparison to December 2008 which reported closed sales of 285 units the market is up 61 units which equates to an 21.4% increase this year vs. last year.  During the month of December 2009 pending sales reported were 248 units, which is down 86 units as compared to November 2009 pending sales of 334 units, this equates to a 25.7% decrease from month to month.  In comparison to December 2008 which reported pending sales of 231 units the market is up 17 units, a 7.4% increase this year vs. last year. 

So from a current year perspective we can see that while the first time tax credit was extended until April 2010, we still experienced our market cycle slowdown during the holiday season. 

During the month of December 2009 the average sales price in Spokane County  was $180,216 and the median sales price was $168,007.  This is in comparison to November's average and median sales prices of 177,068 and $159,900 respectively.  On a month to month basis the average price was up $3,148  per unit a 1.8% increase, while the median price was up over $8,107 per unit a 5.1% increase.  In comparison to December 2008 the December average and median prices are down 10.4% and 6.1% respectively on a month to month basis.  So when taking into account everything that happened during the year I would suggest that Spokane faired pretty well! 

Spokane Inventory  for the month of December 2009 stood at 2,606 units, which is down 317 units as compared to November 2009, this is a 10.8% decrease month over month.  Compared to December 2008  where inventory stood at 2,488 units we are up 118 units compared to this time last year, this is a 4.7% increase.  Inventory levels in 2009 were very consistent with our historical trend as you can see in the Spokane Market Inventory Levels.  Interesting to see that our highest percentage increase over last year occurred in December and our lowest percentage decrease over last year was in March.  

In December our Spokane Market Absorption Rate  showed a significant decrease from November's rate of 11.43% to the current rate of 9.52%.  While inventory levels decreased during the month, the decrease in pending sales during December (as compared to November) resulted in our absorption rate falling below the double digit level for the first time since January 2009.  During December 2009 our Spokane Months of Inventory on the market stood at 10.51 months, which is a 20% increase from November's 8.75 months of inventory.  From a market cycle perspective the Spokane Inventory Supply Analysis  provides great insight into whether the market is a buyers or sellers market and the seasonality of our real estate market.  As you can see December rate of 10.51 months of inventory is right in line with the winter season over the last 2 years.

With an absorption rate below double digits one would expect not to see much strength however, during December the Spokane December 2009 Price Breakdown and Market Analysis shows that the North section of Spokane showed strong absorption with some nice movement in the 300K to 350K range.  In addition, we continue to see double digit rates in most of the price ranges below the 250K mark in the Valley, South and North.   

Commentary

On a YTD basis through December 2009 the Spokane real estate market has made significant strides to make up for a very slow start to the year.  From a closed sales perspective we are down only 5% in units sold, this is in stark contrast to the middle of the year when we were down 23% in terms of YTD sold units.   December's pending sales were also down only 5.1% on a year to date basis.  From a value perspective the YTD average and median prices of $187,585 and $169,000 are down 9.1% and 8.2% as compared to 2008's average and median prices.    For a year that has been described as one of the worst since the depression, I would say that the Spokane real estate market has done it's self proud.  

As we finish up the decade and look forward to the future I trust these market updates are informative and of value.  Our objective here at the Spokane Real Estate Advisor  is to assist you achieve your life's dreams through the creation of wealth and security in real estate.  If we can be of assistance we would welcome the opportunity to earn your trust, respect and business.

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